Cost Plus Construction Contract With Gmp In Phoenix
Category:
State:
Multi-State
City:
Phoenix
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Cost Plus Construction Contract with GMP in Phoenix establishes a formal agreement between the contractor and owner, detailing the scope of work, project site, necessary permits, soil conditions, insurance requirements, and the protocol for changes to the scope of work. This contract allows for costs incurred by the contractor to be reimbursed plus a fee, promoting transparency in billing. Key features include the contractor’s obligation to maintain certain insurance coverage, the owner’s responsibility to provide a boundary survey and title opinion, and specific terms regarding late payments and warranties on workmanship. Filling and editing instructions emphasize the importance of clearly defining project specifics and ensuring all changes are documented through written change orders. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in construction projects, as it provides a structured framework to navigate legal obligations and manage expectations between the contracting parties.
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FAQ
Disadvantages of GMP contracts Potential for disputes: While shared savings can be an advantage, it can also lead to disagreements over project management decisions, especially if there's a perception that savings are being prioritized over quality.
